Ocwen, Wells Fargo Aim To Sink ERISA Suit Over 2008 Crisis

Law360 (March 9, 2020, 3:14 PM EDT) -- Ocwen Financial Corp. and Wells Fargo want to torpedo a suit claiming the mortgage lender exploited homeowners during the 2008 financial crisis while the bank stood idly by, arguing the union pension funds that sued are trying to expand ERISA further than it was intended to reach.

The mortgage servicer and the bank on Friday moved for summary judgment in a suit by the United Food & Commercial Workers Unions & Employers Midwest Pension Fund claiming Ocwen mismanaged the underlying mortgages of various trusts the fund invested in.

Wells Fargo and Ocwen said the mortgages at issue weren't technically UFCW fund...

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